JPMorgan increased its offer for Bear Stearns boosting the markets to a sharply higher close with the Dow soaring 187 points to 12,549. Nasdaq leaped 69 points to 2327.
On the upside
Smart Modular Technologies (Nasdaq: SMOD) blamed pricing pressures and product delays for lower second quarter earnings. The memory chip maker also warned of weakness in the third quarter but the stock price rose.
Fairfax Financial Holdings (NYSE: FFH) will invest $350 million in AbitibiBowater (NYSE: ABH).
Digimarc (Nasdaq: DMRC) will sell its ID systems business to L-1 Identity Solutions (NYSE: ID) in a cash and stock deal valued at approximately $250 million.
On the downside
UCB Group recalled its Parkinson's treatment patch Neupro which contains Cambrex's (NYSE: CBM) ingredient rotigotine.
RF Monolithics (NYSE: RFMI) narrowed second quarter losses but the stock price plummeted.
Deutsche Bank North America analyst David Clark lowered his price target for Media General (NYSE: MEG) after the company forecast first quarter results below estimates.
In
the broad market, advancing issues outpaced decliners by
a margin of more than 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks surged 20 points to 701.
